Legal & General Group Plc Makes New $1.86 Million Investment in Stock Yards Bancorp, Inc. $SYBT

Legal & General Group Plc bought a new stake in Stock Yards Bancorp, Inc. (NASDAQ:SYBT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,370 shares of the bank’s stock, valued at approximately $1,864,000.

Several other institutional investors have also modified their holdings of the stock. Global Retirement Partners LLC acquired a new position in shares of Stock Yards Bancorp during the 2nd quarter valued at about $31,000. Quarry LP acquired a new stake in Stock Yards Bancorp during the third quarter worth about $28,000. Brown Brothers Harriman & Co. acquired a new stake in Stock Yards Bancorp during the third quarter worth about $45,000. Empowered Funds LLC purchased a new position in Stock Yards Bancorp during the fourth quarter worth about $60,000. Finally, Allworth Financial LP purchased a new position in Stock Yards Bancorp during the second quarter worth about $73,000. Hedge funds and other institutional investors own 56.46% of the company’s stock.

Insider Buying and Selling at Stock Yards Bancorp

In related news, Director Laura Wells sold 6,823 shares of Stock Yards Bancorp stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $86.29, for a total value of $588,756.67. Following the completion of the sale, the director owned 9,580 shares in the company, valued at approximately $826,658.20. This trade represents a 41.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

SYBT has been the subject of several analyst reports. Piper Sandler reissued a “neutral” rating and issued a $81.00 price target (up from $78.00) on shares of Stock Yards Bancorp in a research note on Friday, June 26th. Raymond James Financial assumed coverage on shares of Stock Yards Bancorp in a research report on Wednesday, July 8th. They set a “hold” rating on the stock. Wall Street Zen upgraded Stock Yards Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Weiss Ratings upgraded Stock Yards Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 6th. Finally, Keefe, Bruyette & Woods raised their target price on Stock Yards Bancorp from $82.00 to $94.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Stock Yards Bancorp has a consensus rating of “Hold” and an average target price of $88.00.

Stock Yards Bancorp Stock Performance

NASDAQ SYBT opened at $79.49 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $2.47 billion, a P/E ratio of 15.83 and a beta of 0.66. The firm’s 50-day moving average is $81.05 and its two-hundred day moving average is $73.51. Stock Yards Bancorp, Inc. has a 12 month low of $61.51 and a 12 month high of $89.21.

Stock Yards Bancorp (NASDAQ:SYBT) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.23. The business had revenue of $114.71 million during the quarter, compared to analysts’ expectations of $111.66 million. Stock Yards Bancorp had a net margin of 25.41% and a return on equity of 13.39%. On average, sell-side analysts anticipate that Stock Yards Bancorp, Inc. will post 5.16 earnings per share for the current year.

Stock Yards Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 21st will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, September 21st. This is an increase from Stock Yards Bancorp’s previous quarterly dividend of $0.32. Stock Yards Bancorp’s dividend payout ratio is 25.50%.

About Stock Yards Bancorp

Stock Yards Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, operating through its principal subsidiary, Stock Yards Bank & Trust Co As a community-oriented financial institution, the company offers a full suite of banking services tailored to individual consumers, small to mid-sized businesses, and municipalities. Its mission centers on fostering long-term client relationships through personalized service, local decision-making, and a commitment to sustainable growth in the markets it serves.

The bank’s core products include a variety of deposit accounts ranging from personal checking and savings to commercial money market and time deposit offerings.